(May 16, 2011) AMSTERDAM  —Spyker Cars, the Dutch owner of Saab, today announced a deal with China's Pangda Automobile Trade Co Ltd. to secure Saab's medium-term funding needs.

Panga, China's largest listed car distributor, has come to the rescue of Saab in a deal worth as much as 110 million euros ($155 million) for the debt-ridden automaker, potentially staving off the collapse of one of Sweden's best-known brands, Reuters reported early today.

The latest deal involves an agreement by Pangda to buy Saab vehicles in two sections. An initial purchase worth 30 million euros is already in the works and a further sale worth 15 million euros will follow, Victor Muller, CEO of Spyker and Saab, told a conference call with journalists today.

Pangda, which raised raised nearly $1 billion in its initial public offering last month, will also take a 24 percent equity stake in Spyker for a total of 65 million euros, or 4.19 euros per share.

The deal is the second pact with a Chinese rescuer within as many weeks, and could still face setbacks given the difficulties some Chinese firms have had in the past when it comes to obtaining the requisite government approvals for acquisitions or overseas investments.

However Muller said that it would be much easier to obtain the necessary approvals because Pangda is a car distributor and not a manufacturer.

Sources: Reuters, Automotive News